Plant-based food company Hodo raises funding to expand capacity

US-based organic plant-based food company Hodo has raised funding from mission venture capital firm Renewal Funds to expand its production capacity.

With expanded capacity, the company will be able to meet the increasing demand for plant-based protein. Its artisanally made, clean-ingredient and flavour-forward products include Moroccan cubes, curry nuggets and Cajun burgers.

Hodo raised the funding through Series B investment.

Renewal Funds partner Kate Storey said: “As an active investor in the plant-based category, we’ve tracked Hodo’s brand expansion and momentum closely.

“Hodo’s growth and popularity is rooted in organic ingredients and culinary innovation that sets it apart from the competition and resonates with top chefs and retail consumers alike.”

Once the deal closes, Renewal Funds managing partner Paul Richardson will join Hodo’s board of directors.

The company’s ready-to-eat line of nuggets, cubes, burgers and yuba products are currently available in more than 6,000 stores across the US. These include Whole Foods, Target, Publix, Walmart and Natural Grocers.

It also supplies its products to various foodservice partners and restaurants.

Hodo founder Minh Tsai said: “Renewal Funds’ eye for category-disrupting brands and its track-record of execution makes their team ideal to work within expanding Hodo’s growth in North America.

“Renewal is one of the original impact funds and we were pleased to find a partner with a social and environmental mission that aligns with our own. We are excited to have such a selective, high-integrity partner on board that gets our strategic goals and has the experience to help us achieve them.”